PYMNTS

FEBRUARY 4, 2020

GDPR and PSD2 have significantly shifted how EU banks and businesses exchange online funds and consumer data. Numerous regions then announced internal deadlines for compliance that often diverged from their neighbors’ deadlines. The sweeping compliance requirements affect all members, but execution can differ country by country.

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PYMNTS

MARCH 11, 2020

Companies are already anticipating the sixth edition of that regulation, which will go into effect in 2021 when it is expected to increase the severity of money laundering penalties as well as better ensure that individual perpetrators do not evade personal responsibility for their crimes. Download the Tracker to read the Feature Story.

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FICO

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. But the online shift has also created opportunities for financial institutions to demonstrate their strong fraud controls in the digital space.

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Customer Experience Survey Fraud Cards 59

The Paypers

JULY 21, 2022

Fraugster , a Germany-based payment intelligence company which offers compliance, chargeback protection, risk management solutions, and credit scoring via one AI platform and one integration, has published its first Payment Intelligence Report 2022.

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Risk Management Online Fraud Compliance 36

FICO

SEPTEMBER 8, 2022

Payments Fraud in Asia Post Pandemic. Why consumers are moving to banks with the best fraud and scam prevention. Thu, 06/17/2021 - 06:40. Senior Consultant, Fraud and Financial Crime. The growth of real-time payments and fraud in Asia. The appeal of these banking innovations has also made it a honeypot for fraud.

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FICO

MAY 27, 2021

A Dozen Top Achievers in 2021. Earlier this year we provided a list of the winning companies in our 2021 FICO® Decisions Awards. OCBC , a multinational banking and financial services corporation headquartered in Singapore, launched an online 60-minute mortgage approval service for Singaporeans using FICO® Origination Manager.

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FICO

DECEMBER 14, 2021

2021 saw the world settling into a new normal with heightened expectations of digital experiences. But European fraud and financial crime have continued to evolve. Last year we predicted that scams would become the leading fraud type in 2021, and the most recent research from UK Finance confirmed it.

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FICO

MAY 27, 2022

Fraud at the point of application has long been an issue for lenders. We have seen insurance, utilities and mobile phone contracts all targeted by application fraud. During 2021, we saw the optimization of the customer experience top the agenda within organizations. Fraud, however, is evolving quickly.

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FICO

DECEMBER 5, 2022

Top 5 Surprises from FICO’s Fraud and Digital Banking Survey. Our survey found that good fraud protection is paramount for customers - even though they themselves may exaggerate income or claims. A report released by the FTC in February 2022 indicates a 71% increase in fraud in 2021, which cost consumers roughly $5.8

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FICO

APRIL 5, 2022

Itaú Unibanco, the largest private sector financial institution in Latin America, has migrated its fraud management and customer communication to the cloud, helping it to avoid over USD$20M a month in fraud losses. We processed more than 3 billion transactions in 2021. How FICO Can Help Improve Your Fraud Detection.

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FICO

FEBRUARY 25, 2022

Since May 2019, major UK banks have participated in a voluntary code - the Contingent Reimbursement Model (CRM), designed to provide funds back to the victims of authorised push payment fraud or APP fraud. So, what can banks do to prevent APP fraud? Look Out for APP Fraud Signals – Develop the Rules.

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Abrigo

MARCH 24, 2023

In that case, this could indicate a need for a strong culture of compliance, which will ultimately lead to further increased risk. A designated officer should be appointed and approved by the board of directors as responsible for AML/CFT and OFAC compliance.

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CFPB Monitor

OCTOBER 5, 2022

The final RULE is substantially similar to the proposed rule issued in 2021 and requires online (card not present) debit card transactions to be enabled for processing on at least two unaffiliated payment card networks. The final rule will be effective July 1. Given this continued uncertainty, I do not support the final rule.”.

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Abrigo

MARCH 11, 2022

Thanks to an increase in mobile payments precipitated by the pandemic and rising security concerns due to the Russian conflict in Ukraine, the world of financial fraud prevention is more dynamic than ever. Recently, the Secure and Fair Enforcement Banking Act of 2021 (SAFE Act) passed the house for the third time.

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FICO

SEPTEMBER 14, 2021

in June 2021 — up 18% compared to June last year and now 18% above their pre-pandemic level. What does that mean for fraud professionals? QR Codes and Fraud. Of course, any payment method carries inherent fraud risk. Let’s take a look. . What about QR codes? I’ll add, “ Never say never.”) Broad Data Access Is Essential.

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CFPB Monitor

NOVEMBER 29, 2022

If Zelle moves forward with the new rules, the 1,800+ financial institutions that allow their customers to use Zelle would have to agree to the new fraud rules to continue to participate in Zelle. of the 5 billion transactions processed on the Zelle network in the past 5 years were sent without any report of fraud or scams.”

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CB Insights

SEPTEMBER 7, 2021

For example, online exchanges are making cryptocurrency trading and investing more accessible to consumers. As of August 2021, 5 different companies in this category raised funding rounds of at least $300M this year: Paxos, BlockFi, Blockchain.com , Fireblocks , and Ledger. download our best of blockchain research.

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blockchain Company cryptocurrency Examples 101

Abrigo

MAY 10, 2021

An online loan application that allows the borrower to complete it at their convenience, either at home, the office, or even in the branch with financial institution staff assistance. Portfolio monitoring LOS functions An LOS helps track compliance with covenants and document-filing requirements. Fraud Prevention. Learn More.

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PYMNTS

DECEMBER 23, 2020

in 2021, while additional research reveals that ad hoc workers already contribute $1 trillion to the nation’s economy. The freelance economy is witnessing rapid growth in participation worldwide. One recent report found that 57 million freelancers are expected to operate in the U.S.

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FICO

APRIL 20, 2023

One significant consideration for businesses turning to RTP is the potential for fraud in various forms, from fake invoices to mules requesting refunds for goods that were initially stolen. In 2022, UK Finance reported that nearly 41% of fraud losses were due to APP fraud, where individuals are conned into sending funds via RTP to criminals.

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PYMNTS

AUGUST 6, 2019

With government agencies working to combat tax evasion and fraud, eInvoice mandates mean a reduced risk of invoice fraud and greater visibility into trade and transactions. At the time, Finance Assistant Secretary Antonio Lambino II spoke in Washington, D.C. However, further reforms are needed. Additionally, reports on Monday (Aug.

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FICO

APRIL 28, 2020

Our winners have innovated in lending, supply chain optimization, customer management, debt collection, fraud and financial inclusion. Fraud & Security. Regulatory Compliance. They come from all corners of the globe and many varied sectors of the economy. Les Yeamans , founder at RT Insights. by Nikhil Behl.

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Analytics Fraud Management Innovation 52

Independent Banker

JANUARY 31, 2022

“In 2022, we’ve got some critical milestones around integration testing with all of our Fed systems, as well as pilot testing,” said Connie Theien, senior vice president and director, payments industry relations with the Federal Reserve System, to ICBA members during a November 2021 webinar ( see sidebar below ). payment system.”.

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CFPB Monitor

JUNE 26, 2022

The Advisory provides some statistics on the pervasiveness of EFE and notes that financial institutions filed 72,000 SARs related to EFE in 2021 – an increase of 10,000 SARs over filings in 2020. Further, the Consumer Financial Protection Bureau estimates that the dollar value of suspicious transactions linked to EFE has increased from $2.6

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Independent Banker

DECEMBER 31, 2021

If 2020 was the year no one expected, 2021 was a year of resetting expectations. Between a smoldering pandemic, the divisive political landscape and strong, albeit uneven, growth, there was a lot to account for in 2021, and some uncertainty remains. Planning for increased compliance costs. Illustration By blindSALIDA.

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FICO

NOVEMBER 22, 2021

Welcome to the holiday shopping season for 2021, the second impacted by the pandemic. The final quarter of 2021 is expected to hit $910B, an 11 percent rise on last year. Not to mention, the window for fraud has grown because retail events kicked off in October to counter concerns about supply chains and logistics. In the U.S.

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Independent Banker

SEPTEMBER 30, 2021

Building trust in your institution has a lot to do with technology, from implementing strong data security practices to humanizing your online customer interactions. In early 2021, a customer approached a teller at Kennebec Savings Bank in Augusta, Maine, and asked to withdraw $20,000. based security and compliance automation platform.

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Community Community Bank social media Security 139

FICO

JANUARY 19, 2022

From TBML to BNPL to NFTs, 2021 found fraud and financial crime professionals dealing with a plethora of new challenges and criminal schemes. Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud.

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FICO

OCTOBER 7, 2022

Buy Now, Pay Later: BNPL Fraud and Regulatory Update. Buy now, pay later or BNPL financing is experiencing tremendous growth, but that growth can bring potential growing pains like fraud and regulatory scrutiny. As payments professionals well know, change creates opportunities for fraud. In December 2021, the U.S.

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FICO

MAY 19, 2021

What Is First-Party Fraud? From banks to telcos to debt collection agencies, what looks like unrecoverable bad debt may in fact be first-party fraud. For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. by Matt Cox.

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FICO

NOVEMBER 8, 2022

Strong Fraud Protection Could Draw More Customers - Survey. Fraud protection is now firmly on the radar for consumers and has risen substantially as a deciding factor - it could even be a competitive advantage for banks. In the UK, trade bodies have called for fraud levels to be considered a national security threat.

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FICO

MAY 19, 2021

For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. Perhaps surprisingly, consumers sometimes use their own personal information to commit fraud. Both of these crimes are first-party fraud.

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FICO

NOVEMBER 7, 2022

Fighting Scams and Authorized Push Payment Fraud in the US. US regulators seem poised to update the status quo for bank liability for authorized user/authorized push payment fraud, but just how big is the potential? In multiple geographies around the world, there has been a strong focus on authorized push payment fraud.

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FICO

AUGUST 26, 2021

It’s a question FICO’s fraud head honcho, TJ Horan, pondered back in 2016 , when the nascent real-time person-to-person (P2P) payments service Zelle was relaunched by a small consortium of banks (see below). How to Fight Real-Time Payments Fraud. “Do you Zelle?” COVID Has Given a Permanent Boost to Real-Time Payments?

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FICO

JULY 28, 2021

As it happens, 2020 was a banner year for ACH fraud, too. million fraud reports from consumers , with imposter scams remaining the most common type of fraud reported to the agency. NACHA Steps Up Its Fraud Prevention Requirements. Additionally, ACH internet transactions rose 15% from 2019 to 2020. Source: NACHA.

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Gonzobanker

DECEMBER 14, 2023

Paul wrote the “ Online Banking for Dummies ” book in the late ’80s. Nearly 2 million customers and $20 billion in deposits since entering the country with a digital bank in 2021. Paul Murphy, founder of Murphy & Co. He passed away in January 2023. The Champion Becomes a Challenger Award – JPMorgan Chase for Chase U.K.

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Lex Sokolin

MARCH 31, 2021

The second company, Feedzai, does fraud checks at the account opening and payment transaction layer, as well as helps with AML using machine learning. The company doesn’t position itself around solving “fraud” or other scary words used in the traditional regtech industry. So what do these compliance firms?

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